Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<div class="content-highlight">We have a positive view on <a href="https://www.smartkarma.com/entities/24075" target="_blank" data-smartkarma-citation="entities:24075:1">Hyundai Heavy Industries Holdings (267250 KS)</a> (HHIH). Our sum-of-the-parts analysis suggests a base case implied value per share of 499,600 won, which would represent an 18% upside from current levels. The biggest IPO in Korea is expected to be Hyundai Oilbank, in which HHIH has a 91.1% stake. The Hyundai Oilbank IPO is expected to be completed in 4Q18. Given that the stock market tends to look forward 6-12 months, the expectation of the biggest IPO in Korea (Hyundai…</div>

We have a positive view on Hyundai Heavy Industries Holdings (267250 KS) (HHIH). Our sum-of-the-parts analysis suggests a base case implied value per share of 499,600 won, which would represent an 18% upside from current levels. The biggest IPO in Korea is expected to be Hyundai Oilbank, in which HHIH has a 91.1% stake. The Hyundai Oilbank IPO is expected to be completed in 4Q18. Given that the stock market tends to look forward 6-12 months, the expectation of the biggest IPO in Korea (Hyundai…

Hyundai Heavy Industries Holdings - Update on Its Implied Valuation

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Bleak automotive outlook expected to weigh down on industry’s growth<ul><li>Japanese machine tool manufacturers’ turnover contracted for the second consecutive year in 2016, driven by sluggish domestic demand, primarily from Japan’s automotive industry, and falling orders from overseas.</li></ul></li><li>Infrastructure investment poised to provide some support<ul><li>Machine tools orders linked to construction activities in Japan declined by 6.9% in monetary terms during 2016 thanks to slowing residential construction and a drop-off in reconstruction work following the 2011 earthquake and tsunami.</li></ul></li><li>Manufacturers to gain from trade opportunities in the near future<ul><li>Annual exports of machine tools declined significantly in during 2016, due to tepid external demand and the yen’s steep appreciation against the US dollar.</li></ul></li></ul>

Bleak automotive outlook expected to weigh down on industry’s growthJapanese machine tool manufacturers’ turnover contracted for the second consecutive year in 2016, driven by sluggish domestic demand, primarily from Japan’s automotive industry, and falling orders from overseas.Infrastructure investment poised to provide some supportMachine tools orders linked to construction activities in Japan declined by 6.9% in monetary terms during 2016 thanks to slowing residential construction and a drop-off in reconstruction work following the 2011 earthquake and tsunami.Manufacturers to gain from trade opportunities in the near futureAnnual exports of machine tools declined significantly in during 2016, due to tepid external demand and the yen’s steep appreciation against the US dollar.

Industrial Capsule: Machine Tools in Japan

Japan

NACHI-FUJIKOSHI CORP. manufactures bearings.  The Company also produces and sells machine tools, oil and air pressure equipment, and industrial robots.

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Nachi Fujikoshi (6474 JP)

Hyundai Heavy Industries Holdings - Update on Its Implied Valuation

We have a positive view on Hyundai Heavy Industries Holdings (267250 KS) (HHIH). Our sum-of-the-parts analysis suggests a base case implied value...

Douglas Kim

Industrial Capsule: Machine Tools in Japan

Bleak automotive outlook expected to weigh down on industry’s growthJapanese machine tool manufacturers’ turnover contracted for the second...

Euromonitor International Ltd.

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